EXHIBIT 11.1
ETHYL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
for the years ended December 31, 1995, 1994 and 1993
(In thousands except per share amounts)
1995 1994 1993
------- ------- -------
Income before extraordinary item and
discontinued insurance operations $73,963 $97,755 $ 90,022
Extraordinary item - - (5,000)
------ ------ ------
Income before discontinued insurance operations 73,963 97,755 85,022
Income from discontinued insurance operations - - 90,483
------ ------ ------
Net income 73,963 97,755 175,505
Less preferred stock dividends
First Preferred:
6% Series A, $6.00 per share - (12) (12)
------ ------ ------
Net income applicable to common stock 73,963 97,743 175,493
======= ======= =======
Average number of shares of common stock
outstanding 118,436 118,427 118,382
Shares issuable upon the assumed exercise of
outstanding stock options (1) 10 24 54
------ ------ ------
Shares of common stock and common stock
equivalents (1) (2) 118,446 118,451 118,436
======= ======= =======
Earnings per share: (3)
Income before extraordinary item and
discontinued insurance operations $0.62 $0.83 $0.76
Extraordinary item - - (0.04)
------ ------ ------
Income before discontinued insurance operations 0.62 0.83 0.72
Income from discontinued insurance operations - - 0.76
------ ------ ------
Net income (3) $0.62 $0.83 $1.48
======= ======= =======
Notes:
(1) For fully-diluted earnings per share, the shares issuable upon the assumed
execise of outstanding stock options would be 11, 26, and 58 in 1995, 1994,
and 1993, respective, and the shares of common stock equivalents would have
been 118,447, 118,453, and 118,440, respectively.
(2) To determine the average number of shares of common stock and common stock
equivalents, the average number of common shares and common stock equivalents
outstanding (actual or assumed for equivalents) during each month were added
together and the sum was then divided by 12.
(3) Primary earnings per share and fully-diluted earnings per share are the same
amounts.